Revenue cycle management (RCM) refers to the financial process of keeping track of a patient’s expenses during their stay at the healthcare facility. The health care facility employs the use of advanced billing software to manage the entirety of the billing, right from the registration of a patient to the final payment, in an effective manner.
One of the most complicated administrative practices in the medical profession is medical billing. Medical billing is an integral administrative aspect of the medical profession, and it is such a comprehensive task that it requires a whole new department of professionals who are proficient in billing practices in order to deliver results in a swift and efficient manner.
Modern physician’s office can be bisected into two parts- the medical practice and the ton of paperwork and documentation that comes with maintaining a health care facility. Even a small heath care center or an individual’s practice has its own share of record maintenance. This is why investing in a credible electronic medical record (EMR) system is necessary.
The process of physician credentialing is an important task that a health care institution has to undertake when hiring a new doctor. It is essentially a process that entails verifying a physician’s credibility, licensure and making extensive back ground checks for any criminal and financial misgivings in the past. This preventive measure will help eliminate any potential problems that might crop up in the future because of the new doctor,
A successful medical practice can flourish only when it is doing well financially. Incorporating robust billing practices and ensuring the adherence to updated medical billing codes is thus of paramount importance. Revenue Cycle Management (RCM) is a process that oversees all your health care facility billing in order to ensure that your revenue generation is at optimal levels.
HCPCS stands for Healthcare common Procedure Coding System, and is a standardized set of code that is used extensively by healthcare professionals and insurance providers in order to chalk up the insurance claims. The codes and resources provided by HCPCS offers and orderly method to assimilate and calculate the insurance, thus making it easier for everyone involved in dealing with insurance claims.
Medical transcription is an integral aspect of a physician’s practice, which involves processing a physician’s dictations into written documents. These transcripts ought to adhere to a number of regulations and laws set by the HIPPA Act, thus resulting in a degree of uniformity across practices. Medical transcriptions have hence improved a lot since their inception,
Medicine has transcended from being a profession that focuses solely on curing patients to multi-billion dollar commerce. Physicians and hospitals have been forced to amend their means of operation in order to accommodate the magnanimous paper work and related bureaucracy. Medical coding standards have steeply risen in complexity and size, thus risking overworking your current staff in billing and applying for claims and reimbursements.
The Hierarchical Condition Categories (HCC) was developed and implemented by The Centers for Medicate and Medicaid (CMS) in order to create a risk adjustment methodology to provide adequate payment plans for patients opting for private health care. These codes are primarily based on the health expenditure risk profiles of the Medicare Advantage (MA) plan members;
Dealing with medical bills is one of the leading concerns of physicians and health care professionals. Attempting to deal with such complex and ever changing medical billing and coding practices by themselves is a tedious process indeed. This measure is increased manifold when dealing with cardiology billing. This is a highly specific area of medical billing and requires specialized training and experience that helps maintain a fair degree of accuracy and reliability.